Very bearish reversal. SPX seems to want to fill the gap up that was left open.
Another opening spike above 1113 and this time the bears reversed it all the way back into gap area on close. The price spikes up and then reversals having 2 days in a row is unusual and bearish price action in my opinion. This was basically 2 failed breakout attempts above 1113. Its like when the market was under 700 it also had a couple of curious spikes upwards and that was a telltale sign that the market wanted to turn.
The primary count still allows for a Minute [iii] wave of C of (Z) up yet I am not beholden to this having to take place. Mostly because technicals are starting to really strain, we have numerous non-confirmations, and most importantly sentiment is getting extreme:
Particularly note the market harmonics readings.
I show AMZN as this had a bearish 5 wave down reversal type move intraday after yet another gap up which could be exhaustion.
The dollar chart also may be making a falling wedge pattern which is a bullish pattern.
But with all this said and done, we need 5 waves down to confirm anything and all we had so far today was one big ZIGZAG down which of course might be a Minute [ii] wave forming.
Tomorrow is unemployment and I won't speculate how that can affect the waves. Because a surprise drop under 10% could easily result in a massive selloff just as easily as it could result in a Minute wave [iii] higher.
Again, sentiment is reaching, according to II, at the third lowest amount of bears reading in the last 25 years.